Putting the lipstick on – It’s only one way this week for the S&P, and that is higher. If the index can close in the green, it will be the 7th day in a row, something that has occurred only 5 times in the last 5 years. But before the bulls can high five each other, month end is Monday, so some re-positioning could occur today. The re-opening beneficiaries are outperforming, and that group is large (Beauty, Cruises, Airlines, and Restaurants). And Mega Tech are currently trending towards the red. Economic data this morning showed some improvement in Personal Income (+0.4% vs June’s -1.3%), but Spending dropped m/m (+1.9% vs June’s 6.2%), showing that the economy is still working through Covid related issues.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.